10-13-14 Council Packet - Laserfiche WebLink

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DRAFT DEVELOPMENT CONTRACT Isabell Estates THIS AGREEMENT made this day of , 2014, is by and between the City of Lino Lakes, whose address is 600 Town Center Parkway, Lino Lakes, Minnesota, 55014, a municipal corporation organized under the laws of the State of Minnesota, hereinafter referred to as the "City," and John Isabell, Inc. whose address is 681 North Neal Avenue, West Lakeland, MN 55082, hereinafter referred to as the "Developer." WHEREAS, the Developer has received preliminary plat approval from the City Council by Resolution No. 14-67 for a plat of land within the corporate limits of the City known as Isabell Estates, hereinafter called "Subdivision," as shown in Attachment A and is legally described as: Lot 3 Block 1 Mar Don Acres, Anoka County, Minnesota. WHEREAS, the Developer is splitting the above described land into four lots with one existing residence and three additional residence, which will be legally described to -wit. Lot 1, 2, 3, and 4, Block 1, Isabell Estates WHEREAS, service to the subdivision has been previously made; and WHEREAS, the Developer is to be responsible for the installation and financing of certain private improvements within the Subdivision; and WHEREAS, the City Subdivision Ordinance and Minnesota Statute sections 462.358 authorize the City to enter into a performance contract secured by cash escrow or other security to guarantee completion and payment of such improvements following final approval and recording of the final plat. NOW, THEREFORE, in consideration of the mutual promises of the parties made herein, IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS: I. DEVELOPER IMPROVEMENTS a. Improvements to be installed by the Developer and financed by the Developer are hereinafter referred to as "Developer Improvements." b. Improvements to be installed by the City and financed by the Developer are hereinafter referred to as "City Improvements."